Midday: Aus shares shrug off US weakness

Market Reports

Despite poor leads from Wall Street, the Australian share market pushed higher this morning, albeit among some froth, and is 0.25 per cent up at noon.
 
The miners supported the market today as easing monetary policy in China saw the iron ore price jump overnight.
 
Qantas shares have streaked ahead this morning as it reports lower fuel costs and pushed forward with efficiency gains.
 
The S&P/ASX 200 indexis 15 points up at 5,640. On the futures market the SPI is 54 points higher.

Company news
 
Coca-Cola Amatil Limited (ASX:CCL) says a suite of changes should allow it to return to positive growth in coming years. Speaking at the company’s AGM group managing director Alison Watkins says smaller can sizes and lower sugar products have maintained brand image and diversified its market. Shares in Coca Cola Amatil are trading up 3.57 per cent at $10.15. 
 
Alcoa Inc (ASX:AAI) and Alumina Limited(ASX:AWC) will close the Anglesea coal mine and power station in Geelong with restructuring costs of between $30 to $35 million. The light metals manufacturer says its free cash flow target for 2015 will remain unchanged at $500 million. Alcoa of Australia is 60 per cent owned by Alcoa Inc and 40 per cent owned by Alumina. Shares in Alcoa are trading down 2.34 per cent at $20.90.
 
Best and worst performers

The best performing sector is materials, gaining 1.3 per cent to 9,490. Shares in CSR Limited (ASX:CSR) have risen 7.2 per cent and trading at $4.02. Shares in Sirius Resources (ASX:SIR) and Orica Ltd(ASX:ORI) are also stronger.
 
The worst performing sector is telcos, falling 0.6 per cent to 2,139. Shares in M2 Group Limited (ASX:MTU)have fallen 0.81 per cent, trading at $11.02. Shares in Spark New Zealand Limited (ASX:SPK) and Singapore Telecommunications Limited (ASX:SGT) are also lower.
 
Gold and the dollar

Gold is trading at $US1,184 an ounce.
The Australian dollar is buying $US0.7905